The Paycheck Protection Program’s second round of funding opened on April 27th with a total of $310 billion available. Of that total, roughly $175.7 billion had already been distributed through more than 2.2 million loans in a span of just four days. The average loan size was $79,457 in this second round, compared to an average loan size of $206,022 in round one.
In addition, Treasury Secretary Steven Mnuchin says that more loans went to small businesses this time around, while round one was harshly criticized for wrongly providing funds to several big corporations.
Together, the first and second rounds of PPP loans have provided well over $500 billion worth of small business loans to combat the financial crisis that has followed coronavirus lockdowns across the country. With $134 billion left in the PPP reserve, rumblings of a third round of PPP funding have already been heard.